Understanding the Current Issue with Koinex Deposits and Withdrawals

Recently, users have reported issues related to deposits and withdrawals on Koinex, a popular cryptocurrency trading platform based in India. However, it is important to note that the issue is not with the platform itself but with the third-party payment partners it uses for handling transactions.

Currently, Koinex supports Peer-to-Peer (P2P) INR deposits and withdrawals, which are different from the traditional methods previously used. For more information on how P2P INR deposits and withdrawals work, please refer to the provided links:

P2P INR Deposit | P2P INR Withdrawal

Razorpay, the instant payment partner of Koinex, had to stop the instant deposit and withdrawal process due to restrictions from Indian banks that no longer support instant transfers for crypto trading. Koinex and other similar platforms like Zebpay and CoinDelta are actively working on stable arrangements to resume deposit and withdrawal processes.

The Background: Use of Third-Party Payment Partners

Crypto trading websites like Koinex, Zebpay, and CoinDelta use third-party payment partners such as Razorpay to handle payments for their users. When users create an account on these platforms, they are typically provided with a unique bank account number established through their phone number. Users can add this account as a beneficiary using their Internet Banking platform, allowing for quick and efficient transactions.

Deposits were previously instantaneous, taking only 5-10 minutes, and withdrawals were fast, often credited within 1-2 minutes. However, the Indian government and Reserve Bank of India (RBI) have been continuously warning about trading in cryptocurrencies, leading to pressure from the RBI on banks, ultimately resulting in some banks withholding support for third-party payment partners dealing with crypto trading.

Future Outlook and Solutions

Koinex has acknowledged the issue and has stated that they are working on resolving it with the highest priority. They have also mentioned that they are in the final stages of enabling INR transactions again. Once resolved, Koinex will resume INR withdrawals followed by INR deposits.

It's important for users to understand that this issue does not reflect Koinex's reliability or integrity as a cryptocurrency platform. Koinex has recently secured funding from US-based firm Pantera Capital and Singapore-based firm Beenext, further corroborating its legitimacy. Users can thus rest assured that their funds are safe with Koinex.

While we await the resolution of this issue, it is advisable for users to continue monitoring Koinex's official announcements and community updates for further progress. Providing your support to the community and staying informed can help enhance overall user experience on the platform.